HSBC Bank Australia: The Chinese New Year Term Deposit Bonanza
Agency: Multicall Connexions
Advertiser: HSBC Bank Australia
Author: Daniel Assaf
Total Campaign Expenditure: Under $500K
Strategic Communications Challenge
Sure we had a market leading rate to work with, but it didn't come without a catch and a few key challenges.
A. We were trying to catch bigger fish, and more of them
The eligibility criteria to take advantage of the HSBC offer was a minimum investment amount of A$200K – up from last years' A$100K minimum. The expected number of new accounts to reach our objectives was approximately 1,000. Based on industry research in Australia, 44.5% of term deposit accounts belong to investors aged 65 or older, where the mean term deposit is approximately $72,000, the median is approximately $30,000 and the mode is approximately $12,0003. This brief was a challenge.